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Wednesday July 17, 2013 - 15:14:07 GMT
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| | Email US Market Update: Bernanke Soothes Markets with His Dovish Song US Market Update: Bernanke Soothes Markets with His Dovish Song
Wed, 17 Jul 2013 10:56 AM EST

***Economic Data***
- (PT) Portugal Jun Producer Prices M/M: -0.1 v -0.2% prior; Y/Y: 1.3% v 0.8% prior
- (US) MBA Mortgage Applications w/e July 12th: -2.6 v -4.0% prior
- (ZA) South Africa May Retail Sales M/M: 2.2% v 0.2%e; Y/Y: 6.2% v 2.4%e
- (PL) Poland Jun Sold Industrial Output M/M: 2.8% v 1.0%e; Y/Y: 3.0% v 1.5%e
- (PL) Poland Jun Producer Prices M/M: 0.5% v 0.2%e; Y/Y: -1.5% v -1.8%e
- (RU) Russia Jun Real Retail Sales M/M: 1.9% v 1.9%e; Y/Y: 3.5% v 3.5%e
- (RU) Russia Jun Unemployment Rate: 5.4% v 5.2%e
- (RU) Russia Jun Disposable Income: 2.2% v 0.6%e
- (RU) Russia Jun Real Wages Y/Y: 6.0% v 5.7%e
- (RU) Russia Jun Investment In Productive Capacity: -3.7% v +0.5%e
- (US) Jun Housing Starts: 836K v 960Ke; Building Permits: 9.11K v 1.0Me
- (CA) Canada May Int'l Securities Transactions: C$6.7B v C$14.9B prior
- (CA) Bank of Canada (BOC) leaves Interest Rates unchanged at 1.00%
- (US) Weekly DOE Oil Inventories: Crude: -6.9M v -1Me; Gasoline: +3.06M v -0.5Me; Distillate: +3.87M v +2Me; Utilization: 92.8% v 92.0%e

- US equity markets were testing all-time highs again this morning after Fed Chairman Bernanke reiterated his policy stance in prepared remarks this morning. As of writing, the DJIA is up 0.04%, the S&P500 is up 0.4% and Nasdaq is up 0.21%.

- Fed Chairman Bernanke is making what is likely to be his final appearance before Congress this week to provide his semi-annual monetary policy report. In preliminary remarks, the chairman repeated the language heard in his June FOMC remarks and other recent policy speeches, including the assertion that QE tapering will begin later this year and be complete in mid 2014, and that rates will remain low for a long time after.

- The yield on the US ten-year contracted to two-week lows below 2.5% in the wake of the early release of Bernanke's remarks. EUR/USD has been choppy since the release of the speech, testing one-week highs around 1.3175 before dropping below 1.3100. Gold has gotten caught in a downdraft, falling below $1,280 suddenly in mid-morning trade.

- Shares of Bank of America are up 1.5% this morning on a solid earnings report, with earning a bit ahead of expectations and revenue right in line. Note that the firm's profits were up more than 60% y/y. The cost-cutting is finally showing up on the firm's results, while lower litigation expenses helping too. Note also that shares of Piper Jaffray fell as much as 10% in the early going after the firm's profits were crushed by a big y/y decline in brokerage revenues, although PJC is only down about 4% as of writing.

- Yahoo CEO Meyer is being lauded by the press and Wall Street analysts this morning for the continuing improvements in the firm's operating performance. On an adjusted basis earnings were comfortably ahead of expectorations and paid clicks were up by double-digits. Multiple firms upgraded the name in research this morning. YHOO is up 7%.

- The fraud-seeking analysts at Muddy Waters took cell phone infrastructure firm American Tower down a few notches this morning, issuing a strong sell rating on the name. Muddy said the firm faces serious challenges domestically and internationally that have not been factored into the stock price. In addition, Muddy identified a significant material misstatement in the company's accounts that could amount to fraud. Shares of AMT are down 3%.

***Looking Ahead***
- 11:15 (CA) Bank of Canada (BOC) Gov Poloz post rate decision press conference
- 11:30 (BR) Brazil Central Bank Posts Weekly Currency Flow' Data
- 12:00 (US) Fed's Stein gives opening remarks at conference
- 12:30 (US) Fed's Raskin at Exchequer Club in Wash DC
- 14:00 (US) Fed's Beige Book
- 17:00 (CO) Colombia May Trade Balance: No est v $36.8M prior; Imports: No est v $5.2B prior


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